Personal Finance

Biden plans for higher taxes on the ultra-wealthy and corporations to extend middle-class tax breaks

Director of the National Economic Council Lael Brainard speaks at the White House in Washington, D.C., on January 11, 2024.

Drew Angerer | Getty Images

It’s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks.

Lael Brainard

White House national economic advisor

The multitrillion dollar tax battle comes amid the ongoing debate over the national debt, and extending the TCJA tax breaks would boost the budget deficit, according to the Congressional Budget Office.

Trump and other Republicans have pushed for a full extension of expiring TCJA tax breaks, which could add an estimated $4.6 trillion to the deficit over the next decade, according to a Congressional Budget Office report released this week.

‘The stakes could not be higher’

Meanwhile, House Republicans have assembled teams to study and propose solutions to address the upcoming 2025 tax cliff.

“If the 2017 Trump tax cuts expire an average family of four earning $75,000 would see their taxes increase by $1,500 a year,” House Ways and Means Committee Chairman Jason Smith, R-Mo., said in an April press release.

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